Insurance Australia Group
has fielded 600 claims from the recent New South Wales bushfires but says it is still too soon to put a dollar figure on the losses.

IAG, which owns major insurance brands including NRMA Insurance, said assessors have been unable to access many of the affected areas.

“With the fires still burning, it is too soon to give an accurate indication of cost," the company said.

The company has so far agreed settlement terms on more than 50 per cent of the total loss home claims it’s received.

““This is a traumatic time for many people and our thoughts are with everyone impacted by this terrible tragedy. Our recovery operation is well underway and we stand ready to assist," IAG chief Mike Wilkins said.

The group has a maximum first natural catastrophe event retention of $150 million as part of its reinsurance program.

CLSA insurance analyst Jan van der Schalk said IAG’s loss from the event would be larger than the company’s first event retention.

However, that is not expected to impact on IAG’s fiscal 2014 margins, he said.

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The claims come as fires continue to burn uncontained across parts of New South Wales, including the Blue Mountains.

The Insurance Council of Australia said 1011 claims have been lodged with insurers, bringing the current estimated loss to $138 million.

“While claims lodgements have stabilised over the past couple of days, we expect these to begin climbing again as returning residents assess any property damage," ICA boss Rob Whelan said.

NRMA writes around 30 to 40 per cent of the homes and contents policies in affected areas.

The insurer has so far received more than 500 claims from affected policy holders.

“While conditions have improved, the threat has not completely eased for communities in fire-ravaged areas and claims numbers are expected to rise as residents determine the full impact of the damage," NRMA spokesman James Rickards said.

NRMA is providing up to a year’s temporary accommodation to victims of the fires if their homes have been damaged.